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Crude Oil Brent Jul '23 (CBN23)

72.66s -0.88 (-1.20%) 05/31/23 [ICE/EU]
N/A x N/A N/A x N/A
underlying price ()
Quote Overview for Wed, May 31st, 2023
Day Low
71.39
Day High
73.81
Open 73.60
Previous Close 73.54 73.54
Volume 20,107 20,107
Open Interest 92,608 92,608
Stochastic %K 30.98% 30.98%
Weighted Alpha -26.87 -26.87
5-Day Change -5.70 (-7.27%) -5.70 (-7.27%)
52-Week Range 70.10 - 103.60 70.10 - 103.60
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Crude Oil Brent Futures Market News and Commentary

Crude Oil Prices Fall on Concern Tariffs Will Slow Growth and Energy Demand

August WTI crude oil (CLQ25) today is down -1.01 (-1.50%), and August RBOB gasoline (RBQ25) is down -0.0306 (-1.44%).

Crude oil and gasoline prices today are falling for a second session, with gasoline dropping to a 2-week low.  Crude oil prices are being undercut by concern that President Trump's tariff policies will lead to slower global economic growth and reduced energy demand.  President Trump recently said that reciprocal tariffs will increase on August 1 for countries that have not clinched trade deals with the US.  Today's weaker dollar is helping to limit losses in crude oil prices.

Today's global economic news was negative for energy demand and crude prices.  The US July Richmond Fed manufacturing index unexpectedly fell -12 points to an 11-month low of -20, weaker than expectations of an increase to -2.  Also, the ECB's quarterly Bank Lending Survey stated that loan demand in the Eurozone remained weak in Q2.

Weighing on crude is the outlook for Iraq to... Read more

Contract Specifications

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Contract
Brent Crude Oil
Contract Size
42,000 U.S. Gallons
Tick Size
1 cent per barrel ($10.00 per contract)
Trading Hours
8:00p.m. - 6:00p.m. (EST)
Exchange
ICE/EU
Point Value
$1,000
Margin/Maintenance
$6,765/6,150
First Notice Date
05/31/23
Expiration Date
05/31/23 (expired)

Seasonal Chart

Crude Oil Brent Jul '23
Average Price Chart for 5 Prior Jul Contracts
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Price Performance

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Period Period Low Period High Performance
1-Month
71.28 +1.94%
on 05/04/23
Period Open: 80.33
80.24 -9.45%
on 05/01/23
-7.67 (-9.55%)
since 04/28/23
3-Month
70.10 +3.65%
on 03/20/23
Period Open: 82.33
86.90 -16.39%
on 04/12/23
-9.67 (-11.75%)
since 02/28/23
52-Week
70.10 +3.65%
on 03/20/23
Period Open: 96.63
103.60 -29.86%
on 06/09/22
-23.97 (-24.81%)
since 05/27/22

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Barchart Trading Guide

The Barchart Trading Guide is a Buy Signal with a Weak Signal Strength.

Key Turning Points

3rd Resistance Point 76.27
2nd Resistance Point 75.04
1st Resistance Point 73.85
Last Price 72.66s
1st Support Level 71.43
2nd Support Level 70.20
3rd Support Level 69.01

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52-Week High 103.60
Fibonacci 61.8% 90.80
Fibonacci 50% 86.85
Fibonacci 38.2% 82.90
Last Price 72.66s
52-Week Low 70.10

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